The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1887-03-25
MUTUAL TELEPHONE COMPANY.
Special General Meeting of the stock
holders,

A special meeting of the stockholders
| of the Mutual Telephone Company was
held yesterday at 10 o'clock a. M, at
the company's headquarters, corner OF
Merchant and Alakea streets. Hon. ii.
/ 4. Widemann, President of the com
| pany, occupied the chair. Between 90
and 20 stockholders were present, repre-
senting over 1000 shares.
Mr.. Jaeger, Secretary and Treasurer,
read the minutes of the previous meet
ing, which were approved.
Mr. H. Macfarlane, upon call OF the
President, read the Auditors report, as
/ follows:
To the President and Directors of the
Mutual Telephone Company-Gentlemen:
l beg to hand to you herewith my report
upon the condition of the books of the
Mutual Telephone Co. (having examined
them from the date of the cOmpany's Or
ganization), and which in brief is as fol-
lows:
Cash Book have checked every item
therein charged and find accompanying
such charges a proper voucher, and all
footings and extensions were found cor
rect l find that of the capital stock, say
$50, 0OO there has been sold as represented
by four different assessments on the books
$50, OGO, leaving a balance unissued of $17,-
$40 The disburSing of the moneys so re-
ceived is duly accounted for, and vouchers
for same are in the hands of the Treasurer.
Journal and Ledger.-Entries in these
books have all been found in order the
ledger balancing.
Time and Labor Book.-The amounts
paid out for labor and salaries have had
the approval of the General Superintend-
ent, and agree with the amounts charged
to labor account in the cash book.
l have suggested to your Treasurer that
the time of both operators and gu tside
labor be entered upon one book instead OF
two as is the practice now, as it will facili-
tate very much the checking off of labor
account. The statement of assets and liza
biIities as presented by your Treasurer has
been examined and found correct in every
respect.
Before closing, 1 wish to say that can
find no charge from the time of the COM
pany's organization up to date for services
of Treasurer, and this fact thought best
to bring before you.
I remain, gentlemen, yours respectfully,
s. NJ. DAMON, Auditor.
Hon. Mr.. Widemann, President,
stated that he had called the meeting,
and made it as widely known as posi-
bic on his own responsibility, because OF
notification of the Bell Telephone
Company reducing rates to point below
what the Mutual could stand. He
stated that he had prepared number of
propositions which he wished to submit
to their consideration. 1t was for the
meeting to decide whether they should
be adopted in whole or in part.
Printed copies OF the propositions were
then passed around. The President, in
reply to a question, stated that the con-
dition of the company was fourishing,
there being now 90 to 20 orders in for
new instruments which cannot be i'm
mediately filed.
The following resolutions were
adopted after an exhaustive discussion,
almost unanimously:
A Reserve Fund of five thousand dollars
is hereby authorized and established under
the control and management of the Board
of Directors.
The maximum charge for telephone in
Struments in Honolulu shall be 81 per
month for mercantile and other offices, and
50 per month for private houses. This rate
is hereby established for the term of three
years, and shall not be increased after that
time unless it be by vote of three-fourths
of all the stockholders, The Board of
Directors shall have the right and author
ity at any time to decrease this rate.
At the division OF the net income of the
company, twelve per cent per annum shall
be paid to stockholders on the amount of
their stock, and then dividends shall be
declared by the Board of Directors to in
struments of the company in use.
During the discussion it was explained
that these amendments to the company's |
bylaws did not contemplate an Increase
in the charges for instruments, but |
was intended to establish maximum |
rate beyond which the Mutual Telephone |
Company could not 60 1t was within |
the power of the Directors to reduce |
charges, but they could not be increased |
beyond the rates specified above. This
was an advantage which the competing
company did not offer. 1t was pursuing |
the well known policy of attempting to
break down opposition by adopting |
losing rates in the hope of ultimately |
recouping itself by proportienate adj
vance. The meeting adjourned after
passing the following resolution:
That all shares not issued up to this date
shall be offered at par in lots not exceed |
ing fifty to any one person, up to the date |
of the next annual meeting